Tata SSL merged with Tata Steel; share swap ratio at 5:1
23 Apr 2003
Mumbai: Tata SSL has merged with Tata Steel. The companies have filed with the Registrar of Companies, Maharashtra, certified copies of the Bombay High Court orders approving the merger. Accordingly, TSSL stands dissolved without winding up, effective 22 April 2003.
As per the scheme, the shareholders of TSSL will get one ordinary share of Tata Steel for every five equity shares of TSSL held by them. No fractional certificates will be issued in respect of the fractional entitlements.
Instead, the company will consolidate all the fractional entitlements and sell the equity shares issued in lieu thereof in the market at the best available price, and the sale proceeds will be distributed to the shareholders of TSSL in proportion to their fractional entitlements.
The shareholders of TSSL holding shares in physical form will be issued share certificates and those holding in electronic form will get shares in electronic form.
The ordinary shares of Tata Steel issued and allotted to the shareholders of TSSL shall rank parri passu in all respects with the existing ordinary shares of Tata Steel and will be eligible for the dividend for the year ended 31 March 2003.